Tuesday, August 14, 2012

Another Big Russian Rail Freight Deal as Bulk Cargo Wagons Sold On

Transoil Reinforces its Position with Freight One Purchase
Shipping News Feature

RUSSIA – Private rail freight operator, Freight One has approved the sale of 10,000 used tank wagons, for carrying crude oil and oil products, to rail cargo transport and logistics providers Transoil LLC. Sold for an undisclosed price, market analysts have estimated the deal to be around RUB 10 to 12 billion ($375 million) and according to Freight One, the tank cars are being sold at a market price that has been determined by the companies and takes into account a report by an independent appraiser. Freight One, in a statement, said:

“The sale of the ten thousand tank cars will enable Freight One to optimise the structure of the company's fleet of rolling stock. The proceeds from the sale of the tank cars may be used by Freight One to acquire railroad operators with an actual freight base in key segments of the market and to buy locomotives.

“The sale of these tank cars will not have a significant impact on the company's fleet of cars for carrying oil products, because the tank cars being sold were previously leased to other operators, including Transoil itself, and were not directly operated by Freight One.”

After months of negotiations, the acquisition of the tank cars means that Transoil’s fleet of rolling stock will be increased by around 70% to 25,000 with the hopes that it will boost its market operations and meaning the group reinforces its position as the country’s fifth biggest transporter of oil and associated products.